January 2008

I just read an article by Inman news explaining how the mortgage interest rates fell this week to lows we haven't seen since 2004. That's great news for buyers that are indecisive about buying now or waiting until later. With the recent special Fed rate cut buyers may think it's best to hold out for even lower rates. That could be a risky gamble. I'll explain why.

Although I am starting to get more buyers than I can handle, they are passing by decent properties and insisting on viewing everything on the market in their price range. I can't blame them, although I saw a few homes I'd purchase in a minute if I were looking. But today's buyers think there's something better out there or they're waiting for better rates.

Seems like every January brings a new ruling for IL housing, such as last January's enactment of the carbon monoxide detector law. This year it's the radon disclosure when selling a property.

Any sales transaction from January 1st, 2008 and on, the seller has to provide the buyer with two documents. One of the documents is a pamphlet from the IL Emergency Management agency entitled "Radon Testing Guidelines for Real Estate Transactions." The other required document is the "Disclosure of Information on Radon Hazards" form.

The documents need to be signed (the form) by both parties and the buyers must receive the pamphlet for the transaction to be binding. This law applies to residential single family properties and multi-units up to 4 units in

It's very confusing to decipher the current real estate market with the mix of press currently out there. First off, I had a record year in 2007, while many other agents are thinking of leaving the business and a lot have left or will soon. I'm shocked at some of the long time offices that are closing. I've had my best year, many have had their worst. I have an idea why that is.

Yes, sales were down last year. But they were down from record years. 2007 was not the slowest year for property sales, there have been many years that had less sales than 2007. So why are so many feeling like it was the worst year in history for real estate sales?

In my opinion, the old 80/20 rule exists even more today than before. 20% of agents/brokerages are